Washington – Business Roundtable President & CEO Joshua Bolten today released the following statement on President Trump’s announcement of new tariffs on imported steel and aluminum.
“These tariffs are a major unforced error by President Trump, putting America’s economic progress at risk.
“The tariffs will cause significant harm to industries that rely on imported steel and aluminum. Higher production costs will make American-made products more expensive and less competitive around the world – putting tens of thousands of American jobs at risk. Our nation’s trading partners can and will retaliate by imposing new tariffs of their own. Furthermore, using ‘national security’ as an excuse to unilaterally impose tariffs opens the door for other countries to do the same – allowing them to bypass long-established international trade rules to gain an unfair advantage over American businesses and workers.
“Business Roundtable CEOs appreciate President Trump’s focus on defending American businesses and workers. But this proposal – even with limited exemptions for Canada and Mexico – will do far more harm than good while making little progress to counteract global steel and aluminum overcapacity. We remain ready to work with the White House on policies that will expand trade and hold our trading partners accountable without senselessly undermining job security and economic growth for the American people.”